"Wrongful detention, an extortion event or kidnapping are increasingly real travel risks," said Denise Balan, head of XL Catlin's KRE insurance business in North America. "For businesses in the travel and transportation industries, including aircraft operators and other aviation companies, taking added precautions to address and quickly resolve a crisis management situation is shrewd risk management."
"Given some of the volatile situations we see in the world today, we're eager to help our clients put the right strategies into place should they face a crisis event," said Eric Donofrio, Senior Vice President of XL Catlin's North America Aviation insurance business. "This endorsement does just that. It strengthens our general aviation insurance product by giving our clients access to the crisis management resources needed to resolve a kidnapping or other crisis and the financial reimbursement to cover its unexpected costs."
With limits of liability up to USD 1 million, XL Catlin's KRE endorsement for aviation companies includes coverage for ransom, in-transit delivery of ransom, extra expenses incurred as a result of the incident, legal liability and consultant services. XL Catlin partners with S-RM, a global risk consultancy, to provide kidnap response services to its kidnap & ransom policyholders, worldwide. Coverage will be available on an admitted basis in all 50 states, pending approval.
XL Catlin's General Aviation insurance is tailored for its clients to provide a variety of protection, including hull damage, third party liability and war and terrorism.
XL Catlin is a leading insurer to the global aviation industry. With underwriters and dedicated aviation claims specialists based in New York, Boston, Chicago, San Francisco, Toronto and Calgary, XL Catlin's North America aviation team offers a suite of aviation insurance coverages for traditional and specialized companies, including major and regional airlines and corporate fleets, through to component manufacturers and fixed-base airport operators.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd.'s (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin